The 151st Kentucky Derby may have been contested on a rain-soaked track, but that didn't dampen wagering enthusiasm as Churchill Downs Incorporated (CDI) reported record betting handles for the race, Derby Day program, and Kentucky Derby Week.
All-sources betting on Saturday's Kentucky Derby race reached an all-time high of $234.4 million, an 11.2% increase from last year's record of $210.7 million. The full Derby Day card generated $349 million in wagers, up 8.9% from the previous record of $320.5 million set during the 150th anniversary in 2024.
For the entire Kentucky Derby Week, the all-sources handle totaled $473.9 million, eclipsing last year's record of $446.6 million by 6%. The combined handle for both the Kentucky Oaks and Derby days reached $422.9 million, up 7% from the previous record of $395.8 million.
TwinSpires, the official betting partner of the Kentucky Derby, also reported unprecedented figures:
$108 million in wagering on the full Derby Day card, a 17% increase from last year's $92.1 million
$73 million bet specifically on the Derby race, up 20% from the 2024 record of $60.9 million
"We are thrilled with our performance following the 150th milestone year in 2024 and we will grow the Kentucky Derby in the years to come," said Bill Carstanjen, CDI CEO.
On the track, Sovereignty defied 7-1 odds to claim the garland of roses, finishing a length and a half ahead of favorite Journalism. The Bill Mott-trained colt delivered a commanding performance in the 1¼-mile classic race, giving the Hall of Fame trainer his second Derby victory.
The race was watched by a crowd of 147,406 at Churchill Downs, down about 6% from last year's attendance of 156,710. The all-time attendance record of 170,513 was set in 2015.
Despite the record wagering figures, Churchill Downs indicated that the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Derby Week would be one of the top two results in company history but still $2-4 million lower than last year's record performance.
According to Jefferies analyst David Katz, "The primary reason for the decline in earnings is that ticket sales over the final 30 days up to the event were lower than expected. The reasons for the missed expectations included the closer-in sales of some newer seating areas and likely poor weather on Derby weekend."
The company had previously signaled during an April 24 investor call that demand for some lower-tier Derby tickets was less than anticipated, particularly for the new Starting Gate Pavilion.
"When we introduce a new area, we have been able to go right to the price that we target as our long-term price and then grow off that," Carstanjen explained during that call. "I think when we look at this year, we weren't able to take that same kind of price that we have taken in previous years."
Despite the slight earnings miss, analysts remain optimistic about the Derby's continued growth. Churchill Downs has paused some of its capital improvement plans amid economic uncertainty, but the company still views the event as a key driver of long-term revenue growth.
"Current management commentary is that the growth trajectory remains long and positive and capital investment should continue," noted Katz. "Our thesis on the Derby has been that the continued investment in more seating and revenue-generating amenities should have a long tail, which we believe is still valid."
The Kentucky Derby continues to be one of the most valuable sporting properties in American culture, recently adding Ford as its exclusive automotive partner through 2029 in a multi-year agreement.